From TradingView · · 40s
GBPUSD 45m Educational Analysis: Consolidation, Ascending Support
GBPUSD chart shows consolidation and ascending support before sharp drop.
In brief
GBPUSD chart shows consolidation and ascending support before sharp drop. GBPUSD price consolidated with ascending support before sharp drop to 1.31380. Originally reported by TradingView.
Consolidation Zone Oct 2-6
Price moved sideways in blue box with low volatility during early consolidation phase.
Second Consolidation Oct 8-13
Price again moved sideways in blue box showing market waiting for direction.
Ascending Support Trendline
Price made higher lows from Oct 8 to Oct 16 indicating buying interest on dips.
Sharp Drop on Oct 14
Price dropped sharply to 1.31380 creating strong selling candle and low support.
What matters most
GBPUSD price consolidated with ascending support before sharp drop to 1.31380.
